Binance, the world's largest cryptocurrency exchange, made a new announcement regarding the traditional burning of its native token, Binance Coin (BNB).
According to the statement made by Binance, 2,141,487.27 BNB was burned in the 26th burn that took place today. It was stated that the approximate market value of these BNBs was around 636 million dollars.
“The BNB Foundation officially announced the successful completion of the 26th quarterly BNB token burn by BNB Chain.
Here are the facts and figures from recent burns:
Automatic Burn (Total BNB burned): 2,141,487.27 BNB
Approximate value in US dollars at incineration: ~$636 million”
According to Binance's current BNB burning program, which regularly burns BNB; It eliminates BNB by buying back or destroying 20% of its trading volume every three months. With each burning process, millions of BNB are removed from circulation. This situation is expected to have a positive impact on the BNB price and contribute to no increases in the BNB price.
BNB continues to trade at $312 at the time of writing.
The 26th quarterly $BNB token burn has been completed through #BNB Auto Burn.
🔥 2.14m #BNB has been burned 🔥
View burn details ⬇️https://t.co/X87qqzEdFv pic.twitter.com/0zaLCkfs39
— BNB Chain (@BNBCHAIN) January 17, 2024
*This is not investment advice.
